China’s textile industry continued steady expansion in the first 10 months of the year, data from the Ministry of Industry and Information Technology (MIIT) showed. The combined operating revenue of major textile enterprises rose 14.2 percent year on year to top 4.13 trillion yuan (about 650.4 billion US dollars) during the period. These firms raked in total profits of 198.3 billion yuan, soaring 29.7 percent over one year earlier, according to the MIIT. China’s online retail sales of clothing products grew 14.1 percent year on year in the January-October period, hitting 3 percent average growth over the past two years. The country’s garment and textiles exports rose 5 percent year on year to 256.5 billion US dollars in the period, with the exports of clothing products surging 25.2 percent to 138.9 billion dollars. Meanwhile, China’s Small and Medium Enterprises (SMEs) Development Index, based on a survey of 3,000 SMEs, rose 0.2 points from the previous month to 86.3 in November, the latest industry data showed. The increase ended seven straight months of decline, but the current level is still lower than that in the same period of 2020 and 2019, according to the China Association of Small and Medium Enterprises. The index contains multiple sub-indexes to gauge the performances and expectations of SMEs. A reading below 100 indicates dented vitality. In November, the sub-indexes for financing, labour force and operating costs remained above 100.

Manali bhanushali
Author: Manali bhanushali

Manali Bhanushali